Running a company is tough enough without wondering if a single mishap could sink you. Small business cover isn’t just paperwork—it’s a survival plan. To show why, we’ve unpacked the key lessons from Bunmi Ajayi’s guide Be Covered, Not Just Insured, adding practical insights for Victorian firms.
Meet the expert behind the tips
Bunmi Ajayi is no ordinary adviser. Raised in Nigeria, he made Australia home, completed a Master of Commercial Law at Deakin University, and became an Associate of the Chartered Insurance Institute (London) as well as a Fellow of the Australian and New Zealand Institute of Insurance and Finance. Crowned Australian Insurance Broker of the Year in 2015, this business risk adviser even travels to Lloyd’s of London to craft bespoke cover for clients with unusual exposures—proof that he lives and breathes protection.
Measure risk before you transfer it
Risk follows a rhythm, pulsing with cash-flow highs, seasonal lows and supply-chain hiccups. When you understand that beat, you can shift the financial burden to an insurer and keep trading while others flounder. A local insurance specialist maps those patterns so you can budget with confidence.
Unprotected losses shut the doors
Most Australian SMEs that suffer an uninsured disaster never reopen because revenue stops while costs keep rolling in. A well-designed policy buys breathing space to rebuild, pay staff and reassure customers. A commercial insurance broker structures that lifeline before trouble strikes.
A policy is a contract—read it like one
Declarations, insuring clauses, conditions, exclusions and endorsements all decide whether a claim is paid. One poorly worded exclusion can flip a “yes” into a declined claim, leaving you stranded. Partnering with a business risk adviser ensures every clause works in your favour, not against you.
Choose expertise over the cheapest premium
Price shopping might save a few dollars today, but it can cost thousands when a claim is denied. Technical know-how, market reach and fierce claims advocacy matter more than a discount. A local insurance specialist defends your business when the insurer starts searching for loopholes.
Tailor cover to the way you operate
Fire, burglary, liability, cyber and management liability are only part of a Business Package. Even two coffee shops on the same street can face different flood maps and theft risks. A commercial insurance broker customises each section so you pay for protection, not excess fluff.
Don’t forget downtime insurance
Bricks and mortar may survive a blaze, but revenue often takes months to rebound. Business Interruption acts like income protection for your company, covering lost turnover and ongoing costs. A business risk adviser pinpoints the sweet spot between affordable premiums and realistic recovery time-frames.
Cyber threats are everyday threats
Ransomware payouts, privacy fines and lost online sales happen to tradies and boutiques as often as tech firms. Adding cyber to your cover checklist puts it on par with fire and theft, where it belongs. A local insurance specialist can bundle cyber with other core policies without blowing the budget.
Licences, contracts and clients expect diligence
Worker’s compensation is mandatory, but commercial leases and supply contracts often demand specific liability limits too. Directors risk personal liability if insurance gaps breach these obligations. A commercial insurance broker audits your cover so every stakeholder—regulator, landlord or client—stays satisfied.
Blend people with tech for future-proofing
Millennial owners expect online self-service backed by personalised advice. Brokers who combine digital tools with human insight deliver resilience that grows with your business. A business risk adviser integrates dashboards, cloud storage and instant document access without losing the personal touch.
Start with “why”, insure the “how”
Insurance isn’t about paperwork; it’s about safeguarding your mission when things go pear-shaped. Arranging cover around your goals keeps the doors open and the dream alive. A local insurance specialist aligns policies to purpose so your vision survives the unexpected.
Want more straight-talking guidance?
If you’d like extra help navigating Melbourne’s builder-insolvency minefield—or any other finance puzzle—swing by the BIR Finance blog. Authored by our local insurance specialist team, it’s packed with plain-English guides on offset accounts, first-home-buyer tactics and savvy refinancing moves, all tuned to Melbourne’s market so you can make decisions with confidence.
Need a hand?
If this rundown has raised questions—or you’d like a free copy of Bunmi’s book—drop us a line. We’ll connect you with a seasoned commercial insurance broker who speaks plain English, finds the right policy first time and keeps your business future-proof.
